EDMONTON, Alberta -

AutoCanada’s most recent quarterly performance was the most profitable quarter ever for the company, and its used retail sales climbed by more than 13 percent year-over-year.

AutoCanada announced late last week that pre-tax net earnings for the second quarter came in at $8.9 million, up 11.3 percent year-over-year, while EBITDA climbed 9.7 percent to $10.2 million.

Net earnings were at $6.7 million, an increase of 11.7 percent. Revenues totaled $294.8 million, a 1.4-percent hike.

“The second quarter of 2012 was the company’s most profitable quarter in its history, exceeding our previously most profitable quarter by approximately 10 percent in terms of EBITDA and over 10 percent in terms of pre-tax earnings. During the second quarter of 2012, we generated solid revenue and gross profit gains with strong retail sales volumes for both new and used vehicles,” stated Pat Priestner, chief executive officer of AutoCanada.

For used retail sales specifically, the company moved 2,441 units during the quarter, compared to 2,152 used retail sales in the second quarter of 2011.
Moving along, Priestner also discussed the company’s dealership additions.

“The second quarter was also notable as we were able to secure three new dealerships, with the investments in two General Motors dealerships in Sherwood Park — the first dealerships we have secured with General Motors of Canada — and a third with Kia Canada, which is an open point dealership opportunity in Edmonton,” Priestner shared.

“We are excited by the development of new relationships with two highly regarded manufacturers, as well as the potential to earn solid returns on these investments,” he continued. “The three dealerships will be an excellent addition to our Edmonton area platform.”